The Chancellor has announced one-off top up grants for retail and other businesses as England enters lockdown 3.
Following the Prime Ministerâ€™s announcement that non-essential businesses will be closed until at least February half-term, Chancellor Rishi Sunak has announced a series of one-off grants. The grants for retail, hospitality and leisure businesses are worth up to Â£9,000 per property and are aimed to help businesses through to Spring.
A further Â£594 million discretionary fund has also been made available to support other impacted businesses. This is in addition to the Â£1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants and the extension of the furlough scheme till April.
The one-off op up grant is provided on a per-property basis and is expected to benefit over 600,000 business properties, worth Â£4 billion in total across the UK.
The grants will be allocated depending on rateable values with
- Â£4,000 for businesses with a rateable value of Â£15,000 or under
- Â£6,000 for businesses with a rateable value between Â£15,000 and Â£51,000
- Â£9,000 for businesses with a rateable value of over Â£51,000
Chancellor Rishi Sunak said, â€œThe new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic weâ€™ve taken swift action to protect lives and livelihoods and today weâ€™re announcing a further cash injection to support businesses and jobs until the Spring. This will help businesses to get through the months ahead â€“ and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.â€
For further information contact your local authority or visit www.gov.uk
Image courtesy HM Treasury.